Growth of real gross domestic product (GDP) in the G20 area as a whole was stable at 0.7 % in the third quarter of 2019, according to provisional estimates, but it slowed in the majority of G20 economies.
GDP contracted in South Africa (by 0.1 %, following growth of 0.8 % in the previous quarter). Growth also slowed significantly in Korea and Turkey (to 0.4 %, from 1.0 % in both countries) and Canada (to 0.3 %, from 0.9 %), more moderately in Australia (to 0.4 %, from 0.6 %), and marginally in China (to 1.5 %, from 1.6 %), Indonesia (to 1.2 %, from 1.3 %) and Japan (to 0.4 %, from 0.5 %).
GDP growth was stable in the United States, France and Italy (at 0.5 %, 0.3 % and 0.1 %, respectively) in the third quarter of 2019 and picked up marginally in India (to 1.1 %, from 1.0 %), Brazil (to 0.6 %, from 0.5 %), the European Union (to 0.3 %, from 0.2 %), the United Kingdom and Germany (to 0.3 % and 0.1 %, respectively, after a contraction of 0.2 % in each country in the previous quarter). GDP was unchanged in Mexico (following a contraction of 0.1 % in the previous quarter).
Year-on-year GDP growth for the G20 area slowed to 2.9 % in the third quarter of 2019, compared with 3.0 % in the previous quarter, with China recording the highest growth (6.0 %) and Mexico the lowest (minus 0.2 %). Year-on-year GDP growth for the OECD area was stable at 1.6 %.
